Reliance Group stocks under pressure, slip up to 4.3% on SC order in Ericsson case

Shares of Reliance Group companies Wednesday closed 4.3 per cent lower after the Supreme Court held chairman Anil Ambani and two other senior officials guilty of contempt of court for wilfully violating its order and not paying Rs 550 crore dues to telecom equipment maker Ericsson.

The stock of embattled telecom firm RCom slumped 3.65 per cent.

Other laggards among the group firms were Reliance Capital, falling 4.26 per cent, followed by Reliance Home Finance 4.07 per cent, Reliance Naval and Engineering 2.34 per cent, Reliance Infrastructure 2.29 per cent and Reliance Power 0.92 per cent on the BSE.

These stocks tumbled as much as 10.3 per cent during the day.

The apex court Wednesday held that group chairman Ambani, Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani breached the undertaking given to the apex court and the related orders.

The Supreme Court also said that they violated its order by not paying dues of Rs 550 crore to Ericsson, adding that they would face a three-month jail term if Rs 453 crore was not paid to Ericsson in four weeks.